Compare Mortgage Quotes

xxmca1 · Joined: 13 Aug 2009 Posts: 1 1.49 Dollars($)

Listed my Georgia property (cabin+5AC) June 2008 when I quit my job and made a romantic move to California. Grew concerned as property didn't sell, although I was current on mortgage (paid out of Social Security); in August I found the deed-in-lieu option on Citi's website, (where I am SURE it said there would be no effect on my credit score!). I applied, keeping up my mortgage payments and never thought of checking the value of the house (still haven't!). The point was just to be rid of it. Not a word from Citi through the fall; in fact, my repeated phone calls to get a progress report were routed to voicemails and not returned. Meantime that romantic move proved to be a Mistake. I returned to Georgia as guest of in-town friends, the better to look for work, still current on my mortgage and still in the dark about the deed-in-lieu application. In October I reached a Citi Mortgage person who advised me to STOP paying the mortgage through December. By the end of October I had (miraculously) found a job, bought a car, leased an apartment near the job. Nothing from Citi 'til January, when I learned the deed-in-lieu had been accepted.
Today, in addition to having PAID OFF my credit card, being EMPLOYED, renting for HALF the amount of my former mortgage, I have received a small legacy resulting in higher net worth.
Now is the time to purchase a totally affordable little house. I want to pre-qualify. Question(s): will lenders take my situation into consideration to pre-qualify for a new (genuinely affordable!) mortgage, and will it help to offer a larger down payment, using a portion of my legacy?

Niicss · Posted: Fri Aug 14, 2009 2:16 am Post subject:

As there's already a mortgage in your name, you would have a tough time getting another mortgage for a new property. Moreover, you have also defaulted on your first mortgage payments and waiting for a deed in lieu of foreclosure. In such a situation, lenders would want you to pay a larger amount of down-payment. Many lenders would not consider giving you a loan.

bensonclive · Joined: 16 Aug 2009 Posts: 90 -0.12 Dollars($)

As you are already on the mortgage, I suggest you that you should consider a second mortgage on either your spouse's name ( if she qualifies ) or someone who is nearer to you. but again i will advice you that you should have a good kitty in order to pay for the down payment so that it will not be a big burden as you will have small EMI's.

Make sure you provide realistic information to your lenders stating the whole story as you have did it now.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Is there a way I can buy a home after obtaining a deed